#inventory #rawmaterials #workinprocess #finishedgoods

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There are several different types of inventory that businesses may maintain. Some of the most common types of inventory include:

Raw materials inventory: This includes the materials that are used in the production of goods, such as wood, steel, plastic, and other basic materials.

Work-in-progress inventory: This is inventory that is in the process of being transformed into finished goods. Examples include partially assembled products, goods that are being packaged, or items that are being customized for specific customers.

Finished goods inventory: This includes the completed products that are ready for sale to customers.

Maintenance, Repair, and Operating (MRO) inventory: This includes items that are necessary for the maintenance, repair, or operation of equipment or facilities. Examples include spare parts, lubricants, cleaning supplies, and office supplies.

Safety stock inventory: This is inventory that is held as a buffer against unexpected demand or supply chain disruptions. It provides a cushion to ensure that the business can continue to operate even if there are unexpected fluctuations in demand or supply.

Understanding the different types of inventory can help businesses manage their inventory levels more effectively, optimize their supply chain, and improve their overall efficiency.

Chapters

00:00 Intro
00:07 – What is Inventory?
00:32 – Raw Materials Inventory
00:52 – Transportation (Pipeline) Inventory
01:05 – Work in Process Inventory
01:31 – Finished Goods Inventory
01:48 – Replacement Parts Inventory
02:09 – Supplies Inventory
02:40 – Safety Stock
03:18 – Stock Out
09:00 – Key Takeaways

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